Bitcoin mining activities passed are predicted to only make the perpetrators lose money, but this in turn makes them become more desperate and brave in doing so.
And Bitcoin mining is predicted to use 0.5% of total global electricity consumption by the end of this year. And also even though the numbers seem small, but the costs are very large and can make the miners no longer benefit from activities that are one type of cryptocurrency.
and like Alex de Vries, blockchain experts, digital currency circulation technology, which reflects these predictions. So Based on the research he made, energy consumption from Bitcoin mining has now reached 2.55 gigawatts, or almost comparable to Ireland.
So by the end of 2018, he judged that the figures would jump to 7.67 gigawatts, and only lag behind Austria. And according to him, with the skyrocketing needs of Bitcoin miners for electricity, they can no longer enjoy the benefits of the process.
Even so, he estimates the digital currency mining players will not stop and even though the required costs are greater than the profits. So this is what he thinks will cause new problems in the network.
And furthermore the miner can steal electric power as an alternative to mining Bitcoin without incurring costs from the personal or organizational bag concerned. So this is not just a prediction because it has happened before.
De Vries said that there was someone who was mining Bitcoin worth up to USD 10,000 by utilizing a supercomputer owned by a college. And also as a result, the institution must bear a fee of USD 150,000 for Bitcoin mining activities which they actually do not do.
So the mining activity itself is a mechanism to issue new Bitcoin, which is also at the same time as a way for transactions to be validated and acceptable. This mining also requires solving computational problems in the form of complex cryptographic puzzles.
Later, every 10 minutes, the user who successfully completes the puzzle will get an incentive of 12.5 BTC per block, and the multiplication applies. So Currently, there are still 3 million more stocks of Bitcoin available, with 1 BTC worth in the range of USD 8,300.
Bitcoin mining is also not an easy thing to do. Because hardware is required with qualified specifications to solve cryptographic puzzles using a microchip named ASIC or through a series of GPUs combined. And also the need for high-power computers that make Bitcoin miners consume large amounts of energy.
Well, this is all for you all to do or not and hopefully what I share will be useful for all of us.